Pet coke (petroleum coke) is a by-product obtained by refining crude oil and other petroleum cracking processes. Market research Future (MRFR) has published a report asserting that the global pet coke market is marked to expand at a significant growth rate during the forecast period of 2017-2023.

The global pet coke market is being driven by a range of application in the various end-use industries. The growing need for energy in the developing regions throughout the globe is one of the major factors driving the global market. Moreover, it is estimated that the fuel grade coke is set to witness the highest growth due to the growing power industry owing to its low production cost and high calorific value among others during the forecast period, 2017-2023.

Extensive utilization of petroleum coke in various end-use industries such as power generation, cement, steel, aluminum and other industries are majorly fueling the growth of the global pet coke market. Increasing energy consumption is leading to the rapid development of power generation industry, which in turn is propelling the expansion of the global pet coke market. Rise in exploration activities of petroleum in order to fulfill the growing demand for energy and increasing adoption of low emission fuel are some of the other factors that are driving the growth of the global pet coke market. Paradigm shift towards gasification of petroleum coke over conventional burning of fossil fuel in order to opt for cleaner form of power generation is one of the primary factors that are driving the global petroleum coke market towards higher verticals. however, increasing environmental concerns and rapid depletion of oil reserves are likely to restrain the growth of the global pet coke market during the forecast period.

On the basis of the product type, the market is segregated into needle coke, sponge coke, catalyst coke, shot coke, and purge coke.

On the basis of the grade, the market is classified as fuel grade and calcined grade.

The market by the application is further categorized into power plants, cement industry, steel industry, aluminum industry, and others.

Geographical Analysis:

The pet coke is widely used in the power generation industry owing to its low production cost and high calorific value. Pet coke is extensively used in the cement industry, in lime production, and steel industry.

The global pet coke market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the global market and is projected to be the fastest growing market, owing to the increasing consumption of pet coke in the cement industries and power generation among others. It is estimated that the power industry application segment is set to observe the highest CAGR in the market due to growing need for low-cost energy production in the developing regions to meet their energy requirements.

The North American market is expected to grow at a steady CAGR due to the growing adoption rate of the product. The U.S. and Canada have achieved a significant place in the market due to the developed end-user industries such as steel and cement among others. Moreover, the approval by the Environment Protection Agency, in the U.S. is further expected boost the growth of the market in the region.

The growing infrastructural development in the Middle East and Africa is expected to have a positive impact on the market in the region. Moreover, the increasing oil and gas related activities in the region, especially in the Middle East, will also affect the market significantly during the forecast years.

A moderate development is achieved in the European market due to the growing adoption of the product in power generation and other end-user industries. In addition to this, the growing use of petroleum coke in the power industries due to its environment-friendly and cheap source are other factors attributing to the growth of the market.